Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $180,000. The residual value of the equipment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount. View transaction list View journal entry worksheet X No Event General Journal Debit Credit 1 1 Cash 48,000 Accumulated depreciation-equipment Gain on sale of equipment Equipment 180,000